US Supreme Court Limits Trump's Tariff Powers; Trump Imposes New Global Tariffs

The US Supreme Court ruled 6-3 that President Donald Trump exceeded his authority by imposing sweeping global tariffs under the International Emergency Economic Powers Act (IEEPA), a power reserved for Congress. In response, Trump criticized the court, calling the decision disappointing and politically motivated, and swiftly imposed a new 10 per cent global tariff under Section 122 of the Trade Act of 1974. He later raised this tariff to 15 per cent, signaling continued use of tariffs through alternative legal means. The ruling impacts trade partners including India, Mexico, and Canada, with exemptions and adjustments to existing agreements. The decision raises questions about tariff refunds, trade deal stability, and economic uncertainty globally.